VSAT earnings analysis
What we found in VSAT's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Viasat's 10-K filing reveals a slightly bullish sentiment amid challenges. The company reported total revenues of $4.64 billion for fiscal year 2026, up from $4.52 billion in 2025, despite an operating loss of $104.8 million. Its acquisition of Inmarsat is seen as strategic, as the company expects to leverage its assets for future growth. However, volatility in earnings and reliance on government contracts remain concerns.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Despite Challenges
- Total revenues increased by $120.7 million from $4.52 billion in FY25 to $4.64 billion in FY26.
- Strong Backlog Position
- Firm backlog totaled $4.07 billion as of March 31, 2026, with approximately half expected to be delivered within the next 12 months.
- Free Cash Flow Positive
- Generated approximately $1.6 billion in cash flow from operations, reflecting improved financial dynamics.
- Successful Inmarsat Acquisition Integration
- Completed the acquisition of Inmarsat in May 2023, contributing strategic advantages and enhancements to service offerings.
- Cost Management Improvements
- Significant reduction in selling, general and administrative expenses by $181.6 million year-over-year.
- Free Cash Flow Rebound
- Turned a free cash flow of $444 million in Q3 2026, demonstrating solid operational efficiency.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operational Risks Post-Acquisition
- Integration of Inmarsat may pose challenges, with potential costs impacting profitability; $31.3 million in acquisition-related costs recorded.
- High Level of Indebtedness
- As of March 31, 2026, Viasat's debt stood at $6.6 billion, increasing liquidity risks amid operational losses.
- Reliance on Government Contracts
- Revenues from U.S. Government represent approximately 16% of total revenues, exposing the company to government budget pressures.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.25
- Gross margin
- 27.2%
- Operating margin
- 2.3%
- Segment
- Communication services
- Segment
- Defense and advanced technologies
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-Q · November 10, 2025
- Viasat reported quarterly revenue of $1,140,893,000 (three months ended September 30, 2025), up modestly from $1,122,262,000 a year earlier. The company swung to positive operating income of $35,775,000 from an…
- 10-Q · August 8, 2025
- Viasat reported quarterly revenue of $1,171,054,000 (three months ended June 30, 2025), up $44,594,000 year-over-year, but gross margin contracted to 35.0% from 36.9% and GAAP diluted loss widened to $(0.43) per share…
- 10-K · May 27, 2025
- Viasat positions itself as a vertically integrated, multi‑band and multi‑orbit satellite communications provider focused on aviation, maritime, fixed broadband and government satcom, leveraging a fleet of 23…
- 10-Q · February 10, 2025
- Viasat reported essentially flat quarterly revenue of $1,123,767,000 (down $4,772,000 vs prior year) with a modest gross margin improvement to 32.2% and an operating profit of $21,248,000 (vs an operating loss of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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